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Financial Statements
25. Trade and other receivables
| 2007 £m |
2006 £m |
|
|---|---|---|
| Trade receivables | 638 | 838 |
| Other receivables | 60 | 137 |
| Prepayments and accrued income | 538 | 525 |
| Asset held for sale | - | 19 |
| 1,236 | 1,519 |
On 27 October 2006 a subsidiary sold its interest in a joint venture, Copperbelt Energy Corporation plc. The joint venture investment was classified as an asset held for sale at 31 March 2006.
Trade receivables are non interest-bearing and generally have a 30-90 day term. Due to their short maturities, the fair value of trade and other receivables approximates to their book value. Asset held for sale is recorded at fair value. All other receivables are recorded at amortised cost.
The carrying amounts of trade and other receivables are denominated in the following currencies, which in most instances are the functional currency of the respective subsidiaries. Our exposure to US dollars forms part of our net investment in our US subsidiaries which is further described in note 23 (a). We do not have any other significant exposure to currency risk on these amounts.
| 2007 £m |
2006 £m |
|
|---|---|---|
| Sterling | 465 | 687 |
| US dollar | 771 | 832 |
| 1,236 | 1,519 |
Provision for impairment of receivables
| £m | |
|---|---|
| At 1 April 2005 | 133 |
| Exchange adjustments | (9) |
| Charge for the year | 24 |
| Uncollectable amounts written off, net of recoveries | (41) |
| At 31 March 2006 | 107 |
| Exchange adjustments | (12) |
| Charge for the year | 63 |
| Uncollectable amounts written off, net of recoveries | (51) |
| Reclassification to assets held for sale | (5) |
| At 31 March 2007 | 102 |
As at 31 March 2007, trade receivables of £18m (2006: £28m) were past due but not impaired. The ageing analysis of these trade receivables is as follows:
| 2007 £m |
2006 £m |
|
|---|---|---|
| Up to 3 months past due | 10 | 9 |
| 3 to 6 months past due | 2 | 3 |
| Over 6 months past due | 6 | 16 |
| 18 | 28 |
Refer to note 23 for further information about our wholesale and retail credit risk.